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United States Code (Last Updated: May 24, 2014) |
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Title 15. COMMERCE AND TRADE |
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Chapter 41. CONSUMER CREDIT PROTECTION |
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SubChapter III. CREDIT REPORTING AGENCIES |
§ 1681s. Administrative enforcement
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(a) Enforcement by Federal Trade Commission (1) In general The Federal Trade Commission shall be authorized to enforce compliance with the requirements imposed by this subchapter under the Federal Trade Commission Act (15 U.S.C. 41 et seq.), with respect to consumer reporting agencies and all other persons subject thereto, except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of subparagraphs (A) through (G) of subsection (b)(1), and subject to subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.], subsection (b). in consultation with the Federal Trade Commission, the Federal banking agencies, and the National Credit Union Administration, shall develop a model form and model procedures to be used by consumers who are victims of identity theft for contacting and informing creditors and consumer reporting agencies of the fraud.
(3) Annual summary reports Each consumer reporting agency described in section 1681a(p) of this title shall submit an annual summary report to the Bureau on consumer complaints received by the agency on identity theft or fraud alerts.
(g) Bureau regulation of coding of trade names If the Bureau determines that a person described in paragraph (9) of section 1681s–2(a) of this title has not met the requirements of such paragraph, the Bureau shall take action to ensure the person’s compliance with such paragraph, which may include issuing model guidance or prescribing reasonable policies and procedures, as necessary to ensure that such person complies with such paragraph.
References In Text
The Federal Trade Commission Act, referred to in subsec. (a)(1), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of this title. For complete classification of this Act to the Code, see section 58 of this title and Tables.
The Consumer Financial Protection Act of 2010, referred to in subsecs. (a) and (b)(1), is title X of Pub. L. 111–203,
Sections 25 and 25A of the Federal Reserve Act, referred to in subsec. (b)(1)(A)(ii), are classified to subchapters I (§ 601 et seq.) and II (§ 611 et seq.), respectively, of chapter 6 of Title 12, Banks and Banking.
The Federal Credit Union Act, referred to in subsec. (b)(1)(B), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to chapter 14 (§ 1751 et seq.) of Title 12. For complete classification of this Act to the Code, see section 1751 of Title 12 and Tables.
The Packers and Stockyards Act, 1921, referred to in subsec. (b)(1)(E), is act Aug. 15, 1921, ch. 64, 42 Stat. 159, which is classified to chapter 9 (§ 181 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 181 of Title 7 and Tables.
The Commodity Exchange Act, referred to in subsec. (b)(1)(F), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
Codification
In subsec. (b)(1)(D), “part A of subtitle VII of title 49” substituted for “the Federal Aviation Act of 1958 (49 App. U.S.C. 1301 et seq.)” and “that part” substituted for “that Act” on authority of Pub. L. 103–272, § 6(b),
Amendments
2010—Subsec. (a). Pub. L. 111–203, § 1088(a)(10)(A), added subsec. (a) and struck out former subsec. (a) which related to enforcement by Federal Trade Commission.
Subsec. (b). Pub. L. 111–203, § 1088(a)(10)(B), added subsec. (b) and struck out former subsec. (b) which related to enforcement under section 8 of the Federal Deposit Insurance Act, the Federal Credit Union Act, subtitle IV of title 49, part A of subtitle VII of title 49, and the Packers and Stockyards Act, 1921.
Subsec. (c)(2). Pub. L. 111–203, § 1088(a)(10)(C), in introductory provisions, inserted “and the Federal Trade Commission” before “or the appropriate” and before “or appropriate” in two places.
Pub. L. 111–203, § 1088(a)(2)(C), in introductory provisions, substituted “provide the Bureau” for “provide the Commission”.
Pub. L. 111–203, § 1088(a)(2)(A), in introductory provisions, substituted “upon the Bureau” for “upon the Federal Trade Commission” and “The Bureau” for “The Federal Trade Commission”.
Subsec. (c)(4). Pub. L. 111–203, § 1088(a)(10)(D), inserted “, the Federal Trade Commission,” before “or the appropriate” in two places.
Pub. L. 111–203, § 1088(a)(2)(C), substituted “complaint of the Bureau” for “complaint of the Commission”.
Pub. L. 111–203, § 1088(a)(2)(A), substituted “If the Bureau” for “If the Federal Trade Commission”.
Subsec. (e). Pub. L. 111–203, § 1088(a)(10)(E), added subsec. (e) and struck out former subsec. (e) which related to prescription of regulations by certain Federal banking agencies, the Board of Governors of the Federal Reserve System, and the Board of the National Credit Union Administration.
Subsec. (f)(2). Pub. L. 111–203, § 1088(a)(10)(F), substituted “the Federal Trade Commission, the Federal banking agencies,” for “the Federal banking agencies”.
Subsec. (f)(3). Pub. L. 111–203, § 1088(a)(2)(C), substituted “the Bureau” for “the Commission”.
Subsec. (g). Pub. L. 111–203, § 1088(a)(2)(C), substituted “the Bureau” for “the Commission” in two places.
Pub. L. 111–203, § 1088(a)(2)(B), substituted “Bureau” for “FTC” in heading.
2003—Subsec. (b)(1)(B). Pub. L. 108–159, § 811(f), substituted “25A” for “25(a)”.
Subsec. (c)(1)(B)(ii). Pub. L. 108–159, § 312(e)(2)(A), substituted “described in any of paragraphs (1) through (3) of section 1681s–2(c)” for “of section 1681s–2(a)”.
Subsec. (c)(5). Pub. L. 108–159, § 312(e)(2)(B)(ii), substituted “certain violations” for “violation of section 1681s–2(a)(1)” in heading.
Subsec. (c)(5)(A), (B). Pub. L. 108–159, § 312(e)(2)(B)(i), substituted “described in any of paragraphs (1) through (3) of section 1681s–2(c)” for “of section 1681s–2(a)(1)”.
Subsec. (f). Pub. L. 108–159, § 153, added subsec. (f).
Subsec. (g). Pub. L. 108–159, § 412(e), added subsec. (g).
1999—Subsec. (a)(4). Pub. L. 106–102, § 506(b), struck out par. (4) which read as follows: “Neither the Commission nor any other agency referred to in subsection (b) of this section may prescribe trade regulation rules or other regulations with respect to this subchapter.”
Subsec. (d). Pub. L. 106–102, § 506(a)(1), struck out at the end “Notwithstanding the preceding, no agency referred to in subsection (b) of this section may conduct an examination of a bank, savings association, or credit union regarding compliance with the provisions of this subchapter, except in response to a complaint (or if the agency otherwise has knowledge) that the bank, savings association, or credit union has violated a provision of this subchapter, in which case, the agency may conduct an examination as necessary to investigate the complaint. If an agency determines during an investigation in response to a complaint that a violation of this subchapter has occurred, the agency may, during its next 2 regularly scheduled examinations of the bank, savings association, or credit union, examine for compliance with this subchapter.”
Subsec. (e). Pub. L. 106–102, § 506(a)(2), added subsec. (e) and struck out heading and text of former subsec. (e). Text read as follows: “The Board of Governors of the Federal Reserve System may issue interpretations of any provision of this subchapter as such provision may apply to any persons identified under paragraph (1), (2), and (3) of subsection (b) of this section, or to the holding companies and affiliates of such persons, in consultation with Federal agencies identified in paragraphs (1), (2), and (3) of subsection (b) of this section.”
1998—Subsec. (b). Pub. L. 105–347 struck out “or (e)” after “subject to subsection (d)” in introductory provisions.
1996—Subsec. (a). Pub. L. 104–208, § 2416(b)(1), which directed the amendment of subsec. (a) by inserting heading “Enforcement by Federal Trade Commission” before “Compliance with the requirements”, was executed by making the insertion after “(a)”, to reflect the probable intent of Congress and the amendment by Pub. L. 104–208, § 2416(a). See below.
Pub. L. 104–208, § 2416(a), inserted “(1)” after “(a)” and added pars. (2) to (4).
Subsec. (b). Pub. L. 104–208, § 2416(b)(2), inserted heading and in introductory provisions substituted “Compliance with the requirements imposed under this subchapter with respect to consumer reporting agencies, persons who use consumer reports from such agencies, persons who furnish information to such agencies, and users of information that are subject to subsection (d) or (e) of section 1681m of this title shall be enforced under—” for “Compliance with the requirements imposed under this subchapter with respect to consumer reporting agencies and persons who use consumer reports from such agencies shall be enforced under—”.
Subsec. (c). Pub. L. 104–208, § 2417(2), added subsec. (c). Former subsec. (c) redesignated (d).
Pub. L. 104–208, § 2416(c), inserted at end “Notwithstanding the preceding, no agency referred to in subsection (b) of this section may conduct an examination of a bank, savings association, or credit union regarding compliance with the provisions of this subchapter, except in response to a complaint (or if the agency otherwise has knowledge) that the bank, savings association, or credit union has violated a provision of this subchapter, in which case, the agency may conduct an examination as necessary to investigate the complaint. If an agency determines during an investigation in response to a complaint that a violation of this subchapter has occurred, the agency may, during its next 2 regularly scheduled examinations of the bank, savings association, or credit union, examine for compliance with this subchapter.”
Subsec. (d). Pub. L. 104–208, § 2417(1), redesignated subsec. (c) as (d).
Subsec. (e). Pub. L. 104–208, § 2418, added subsec. (e).
1995—Subsec. (b)(4). Pub. L. 104–88 substituted “Secretary of Transportation, with respect to all carriers subject to the jurisdiction of the Surface Transportation Board” for “Interstate Commerce Commission with respect to any common carrier subject to those Acts”.
1992—Subsec. (b)(1)(C). Pub. L. 102–550 substituted semicolon for period at end.
1991—Subsec. (b). Pub. L. 102–242, § 212(c)(2), inserted at end “The terms used in paragraph (1) that are not defined in this subchapter or otherwise defined in section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to them in section 1(b) of the International Banking Act of 1978 (12 U.S.C. 3101).”
Pub. L. 102–242, § 212(c)(1), added par. (1) and struck out former par. (1) which read as follows: “section 8 of the Federal Deposit Insurance Act, in the case of:
“(A) national banks, by the Comptroller of the Currency;
“(B) member banks of the Federal Reserve System (other than national banks), by the Federal Reserve Board; and
“(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation.”
1989—Subsec. (b)(2). Pub. L. 101–73 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “section 5(d) of the Home Owners Loan Act of 1933, section 407 of the National Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank Act, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Corporation), in the case of any institution subject to any of those provisions;”.
1984—Subsec. (b)(5). Pub. L. 98–443 substituted “Secretary of Transportation” for “Civil Aeronautics Board”.
Effective Date Of Amendment
Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Amendment by Pub. L. 108–159 subject to joint regulations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as a note under section 1681 of this title.
Amendment by section 412(e) of Pub. L. 108–159 effective at end of 15-month period beginning on
Amendment by Pub. L. 105–347 deemed to have same effective date as amendments made by section 2403 of Pub. L. 104–208, see section 7 of Pub. L. 105–347, set out as a note under section 1681a of this title.
Amendment by Pub. L. 104–208 effective 365 days after
Amendment by Pub. L. 104–88 effective
Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of
Amendment by Pub. L. 98–443 effective
Transfer Of Functions
Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of Title 12, Banks and Banking.